We believe that the market environment has created a tactical opportunity to make a strategic allocation to real estate. On a year to date basis (as of 30 June 2022), global real estate as defined by the FTSE EPRA Nareit Developed Rental Index (AUD, Hedged) is down -20.4% compared to -15.7% for the MSCI World Index (AUD). Market turmoil has been exacerbated by global inflation prints and central bank actions to combat rising prices, which has heightened worries for economic growth.

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